On the fifth day of the United Nations Climate Summit, the presidency has put forward a draft of what could be in a final agreement.

The proposal was presented to all participating delegations, with suggestions that the world’s industrialised countries introduce deep cuts in their CO2 emissions with reductions of at least 75 percent in 2050.

According to Reuters, the draft says that in 2020, emissions from the rich countries must be reduced by 25-40 percent compared with 1990 levels.

Although the text has been presented, there are still plenty of unresolved issues that remain to be negotiated when heads of state and government and climate ministers arrive in the Danish capital next week.

For example, the draft says that global emissions should be reduced by either 50, 85 or 95 percent in 2050, depending on what world leaders decide.

The draft also does not determine whether global warming should be reduced by 1.5 or 2 percent.

Most countries have two degrees as their goal – but the smaller and vulnerable island states are working hard to get a global agreement to keep temperature rise at 1.5 degrees.

Nor does the draft resolve the thorny issue of funding.